CORPORATIONS ACT 2001 - SECT 1233N Variations of proportional allocation of liabilities

CORPORATIONS ACT 2001 - SECT 1233N

  (1)   The corporate director may vary a determination made under section   1233M if it is necessary to do so to ensure that the determination remains operative for the purposes of subsection   1233M(4).

  (2)   If, as a result of a change in circumstances, a determination has or will become inoperative, the corporate director must vary the determination as soon as is practicable.

Note:   The variation may take effect retrospectively to make operative a determination that has become inoperative: see paragraph   (3)(b).

  (3)   The variation:

  (a)   must be fair and reasonable in the circumstances and having regard to:

  (i)   the matters referred to in paragraph   1233L(1)(b); and

  (ii)   the time at which it starts to apply; and

  (b)   must specify the time at which it starts to apply, which may be earlier or later than the time at which the variation is made; and

  (c)   must result in the liability being wholly allocated; and

  (d)   must be made in writing.

Effect of variation

  (4)   The variation takes effect from the time at which it starts to apply.

Fault - based offences

  (5)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (2); and

  (b)   the person fails to comply with the requirement.